2025 Matched Savings Program

The District of Columbia Child and Family Services Agency is inviting applications for the 2025 Matched Savings Program, aimed at developing and implementing a Market Matched Savings Program specifically for youth in foster care within the District of Columbia. This initiative is designed to assist young individuals aged 15 to 21 in their transition to independence by enhancing their financial literacy and savings capabilities. The program will focus on providing money management training that encompasses essential topics such as credit, asset building, and budgeting, ultimately supporting these youth as they move toward adulthood. The total funding available for this program is capped at $150,000 for the first year, which corresponds to Fiscal Year 2025. The Child and Family Services Agency intends to award a single grant for this initiative, although it reserves the right to determine the specific amount of the award. The grant period will last for one year from the date of the award, contingent upon the appropriation of funds. Grant funds are designated for specific program-related activities and cannot be used for direct financial assistance to clients or their families. Eligible uses of the funds include staff training and certification in the proposed model, the employment of dedicated staff to administer the program, and the evaluation of program activities, which may account for up to 10 percent of the project budget. The program is expected to operate four days a week during normal business hours, with flexibility to adjust the schedule to accommodate the needs of clients. Eligibility for this grant is limited to non-profit organizations that have experience managing Individual Development Accounts (IDA) and have demonstrated the ability to meet the needs outlined in the request for applications. Governmental organizations are not eligible to apply. Successful applicants must show experience working with the target population and must comply with all relevant federal and District of Columbia laws, rules, and regulations, as well as the policies and standards set forth by the Child and Family Services Agency. The application process will require organizations to answer specific questions that demonstrate their qualifications and readiness to implement the program. Evaluation criteria will focus on the applicant's experience with the target population, their proposed program activities, and their ability to adhere to the guidelines established by the funding agency. The deadline for submitting applications is October 14, 2024. Organizations interested in applying should ensure that they meet all eligibility requirements and prepare their applications in accordance with the guidelines provided by the District of Columbia Child and Family Services Agency. For further details and updates, applicants can visit the agency's official website.